RULE 19

It’s harder to manage yourself than it is to manage your money

So how well do you know yourself? Pretty well? Not at all? Vaguely? We think we know ourselves until we come to give up smoking, lose weight, get fit, get rich. And then we realise we are lazier, have less willpower, less determination, make less effort, get too easily dissuaded, fall by the wayside too readily.

If I wanted to tuck you under my wing and make you wealthy, the first thing I would need to know is: ‘Do you have what it takes to be wealthy? Are you determined enough? Will you work hard enough? Will you stick at it? Do you have backbone? Stamina? Guts? Relentless focus?’ You see, if you don’t, the chances are you won’t succeed. I’m not trying to put you off. I am trying to make you see that making money is a skill that can be taught – as long as the person is ready and willing to learn and apply themselves diligently.

If you decided you wanted to win Wimbledon you would have needed to start playing tennis when you were about five and have been winning junior championships by the time you were fourteen. It’s the same with money. You can’t expect an overweight, middle-aged person to suddenly be in the final.

When I was a young struggling student I once sold a valuable book so I could eat. I made a direct choice between owning something that was going to increase in value, and thus potentially make me wealthy, and having a slap-up meal for one. You see what I mean? I, in essence, chose – at that time anyway – to be poor rather than wealthy. I saw the same book recently in a bookshop and, believe me, I made a bad call that day.

And what I have noticed is that the wealthy – when they are starting out anyway – have enormous drive and are prepared to make enormous sacrifices. They manage themselves and forego instant rewards for bigger payback in the longer term. Self-control and delayed gratification are useful arts to learn.